What a great story. The corruption in corporate America is really unbelievable. So many fools think a CEOâs job is to build a company and increase profits. I try to explain to them that their job is to increase stock price. Over the last 8 years they have increased stock price by making short term moves that will kill them but that is ok as bonuses are based on short term indicators.
Wow. IndyMac 1 billion construction portfolio 50% in default at the end. Very troubling. The housing bill can not plug that dam. I can only hope IndyMac was as unique as it was shady. Terrible
The truth of the matter is that the executives and directors at IndyMac made millions on sham loans just like Enron executives made millions on energy. The only people that have lost were lower level employees at IndyMac and the US taxpayer. Imagine that a part of your taxbill actually goes to bailing out IndyMac. Sad, very sad but so ture.